Thursday, March 5, 2009

The Bad News, and the Good News

There was a very interesting page added to the small business section of Newsweek’s website last Sunday:
Kevin Kelly, the author, describes his own experiences with his business’ banking situation turning sour. Why did it take a turn for the worse? Because Kevin needed more money for his business and his bank was reluctant to extend a loan without imposing a much higher cost than Kevin expected.

The Bad News
The bad news is, Kevin’s story is not unique. Surveying a variety of news sources right now, you can find many stories just like his – stories of small business owners feeling like they can’t get what their business’ need from a bank.

The Good News
The good news is, for many businesses, a bank is not the only option for working capital. By utilizing Merchant Cash Advances and other possibilities when appropriate, many small business owners can still get the capital the business needs without enduring the hassles and stress associated with bank loans.

More good news is that while banks have less money to offer small businesses, AdvanceMe has the money available to fund every qualified deal.

One of Kevin’s last quotes sums up what many small business owners must be feeling:
“I understand why our bank, or any bank, feels the need to be more rigorous these days. But the shifting ground has left me uneasy enough that I'll continue building bridges to other financial institutions.”

We recommend that you follow Kevin’s lead, and investigate all of your options. If your bank is no longer answering your needs, look to other providers that are willing to step up. There might be no better place for you to begin, than with a Merchant cash Advance.

What do you think? Has your bank tightened its guidelines or recently retracted previous offers?

Tuesday, March 3, 2009

Get a Merchant Cash Advance for Training

Because a Merchant Cash Advance is best used for growth strategies, one smart way to use the money is to invest in training for you and/or your employees.

Consider the opportunities:

  • Salons and Spas: If you are a salon or spa owner, you could train some of your employees to offer a new service. Facials, pedicures, or maybe body wraps could be an option. Adding a certified practitioner of another type of service can create an additional, ongoing revenue stream for your business. By adding new services and options, you might be able to bring in new clientele and strengthen relationships with your existing customers.
  • Restaurants: A restaurateur could train a wait-staff on wine pairing, tableside preparation, or other types of value-added customer service. Sending the kitchen staff to advanced culinary training could introduce new techniques that help the menus improve and diversify. The restaurant owner could train in marketing or accounting techniques that help the business stabilize and grow.
  • Retail: There might be a number of good training opportunities to explore depending on the type of retail store you are running. Don’t overlook the value of training someone in your organization in the use of office-related software. The improved use of Excel, Quick Books, or other accounting software could have a big impact on your bottom line. By using an employee instead of a third-party provider you can reduce costs and perhaps improve your profitability.

Training in new and better service techniques is the way many small businesses retain a competitive edge. Don’t get left behind – use specialized training to allow your business to lead the competition, to set the bar high.

Generally speaking, the best advice for using a Merchant Cash Advance is to use it to invest in a strategy to improve your business. Paying for the training costs associated with being able to offer a new specialty or reduce costs are examples of using a Merchant Cash Advance wisely.

What do you think? Is there some specialized training you could use in your business that would open up new possibilities?